SAN MATEO, Calif., June 29 /PRNewswire-FirstCall/ -- NeurogesX, Inc. announced today that it has been added to the broad-market Russell 3000(R) and small-cap Russell(R) 2000 Indexes. The addition became effective at the close of market June 26, 2009 when Russell Investments reconstituted its U.S. and global equity indexes.
Annual reconstitution of Russell’s U.S. indexes captures the 4,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization. Inclusion in the Russell 3000, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000(R) Index or small-cap Russell 2000(R) Index as well as the appropriate growth and value style indexes. The Russell 3000 also serves as the U.S. component to the Russell Global Index, which Russell launched in 2007. Russell determines membership for its equity indexes primarily by objective, market-capitalization rankings and style attributes.
Anthony DiTonno, CEO of NeurogesX, commented, “We welcome the addition of NeurogesX to the Russell 3000 index, which is well timed with our ongoing transition into a commercial-stage biopharmaceutical company. With several upcoming milestones surrounding our lead product Qutenza(TM), including the launch in Europe and potential for a US approval, our inclusion in the index could potentially provide exposure for the Company to a broader base of institutional investors that use the indices to benchmark their portfolios.
Russell indexes are widely used by investment managers and institutional investors for index funds. An industry-leading $4 trillion in assets are currently benchmarked to them for both passive and active investment strategies.
About NeurogesX, Inc.
NeurogesX is a biopharmaceutical company focused on developing and commercializing novel pain management therapies. Its initial focus is on chronic peripheral neuropathic pain, including postherpetic neuralgia (PHN), painful HIV-distal sensory polyneuropathy (HIV-DSP) and painful diabetic neuropathy (PDN). NeurogesX’ late stage product portfolio is led by its product candidate Qutenza, a dermal patch designed to manage pain associated with peripheral neuropathic pain conditions. Qutenza is currently approved in the European Union for the treatment of neuropathic pain in non-diabetic adults, either alone or in combination with other medicinal products for pain. Qutenza has been licensed to Astellas Pharma Europe for commercialization in the EU and certain countries in eastern Europe, the middle east and Africa. NeurogesX submitted a new drug application (NDA) for Qutenza in PHN to the U.S. Food and Drug Administration (FDA) which was accepted for filing by the FDA in December 2008 and was given a Prescription Drug User Fee Act (PDUFA) date of August 16, 2009.
NeurogesX’ second most advanced product candidate, NGX-1998, is a topically applied, liquid formulation containing a high concentration of capsaicin designed to treat pain associated with neuropathic pain conditions. NGX-1998 has completed three Phase 1 studies and NeurogesX is currently evaluating its Phase 2 development objectives.
NeurogesX’ early stage product pipeline includes pre-clinical compounds, which are prodrugs of acetaminophen and various opioids. The company has evaluated these compounds in vitro and in vivo and is currently seeking development partners for these programs.
Safe Harbor Statement
This press release contains forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 (the “Act”). NeurogesX disclaims any intent or obligation to update these forward-looking statements, and claims the protection of the Safe Harbor for forward-looking statements contained in the Act. Examples of such statements include, but are not limited to the timing and outcome of regulatory decisions and label approval being sought or that may be obtained with respect to the NDA for Qutenza with the FDA, including the PDUFA date for the NDA; the timing of potential product launch of Qutenza; NeurogesX’ plans and expected timing, with regard to seeking partnerships for its product candidates; and the potential effects of inclusion in the Russell 3000 Index. Such statements are based on management’s current expectations, but actual results may differ materially due to various risks and uncertainties, including, but not limited to; positive results in clinical trials may not be sufficient to obtain FDA approval; the FDA may request additional clinical trials or other information prior to granting approval for Qutenza; any regulatory approvals which are received may be limited to certain indications; NeurogesX’ product candidates may have unexpected adverse side effects or inadequate therapeutic efficacy; and other difficulties or delays in, clinical development of, and obtaining regulatory approval for NeurogesX’ product candidates. For further information regarding these and other risks related to NeurogesX’ business, investors should consult NeurogesX’ filings with the Securities and Exchange Commission.
CONTACT: Stephen Ghiglieri, Chief Financial Officer of NeurogesX, Inc.,
+1-650-358-3310; or investors, Sara Pellegrino, +1-646-536-7002,
spellegrino@theruthgroup.com, or media, Jason Rando, +1-646-536-7025,
jrando@theruthgroup.com, Janine McCargo, 1-646-536-7033,
jmccargo@theruthgroup.com, all of The Ruth Group for NeurogesX, Inc.
